What are they?
Usually a cash loan is an unsecured loan and offered following an acceptable credit check. A cash loan online, often known as a personal loan, can offer you a simple, fuss free way of obtaining funds online when you need them most. Most lenders will offer any purpose loans allowing you to go on your dream holiday, buy that new car or maybe just pay off some existing debts.
Payment terms can be spread over a longer period than a payday loan which are repaid on your next payday for instance. You can borrow amounts of up to £25,000 with a cash loan online. APRs (interest rates) can be as low as 6%, however if you’re credit history is less than perfect, you can expect to pay rates in excess of 20%.
Everything Financial recommend the following three options of obtaining a cash loan online.
Compare No Credit Check Payday Loans
Compare Bad Credit Unsecured Loans
Compare No Credit Check Logbook Loans
Pros
A poor credit rating will not necessarily exclude you from obtaining a cash loan online as there are lenders who specialise in assisting clients from all walks of life with differing financial situations. Cash loans online (personal loans) are governed by the Consumer Credit Act 1974, so you can be sure that you’ll be protected should you have a grievance. With this type of lending, you can opt to take out insurance to protect your payments.
Cons
Taking out payment protection will increase the monthly cost of your borrowing and you may end up paying interest on the insurance costs too. Should you be fortunate enough to be able to settle your loan mid-term, ie earlier than the agreed repayment date, it’s worth remembering that in the small print if your loan agreement you may find that you will be liable for an early redemption/settlement fees. A poor credit rating will impact on the cost of your borrowing as you will be considered a higher risk and as such be charged a higher interest rate. Your personal situation will also be taken into consideration when lenders review your loan application.
It’s worth remembering that cash loans online are widely available so shop around to find the best deal for you.
If you’re concerned that your personal finances are already stretched, a cash loan online is not advisable and you should speak with an independent debt counsellor - as your first port of call try your local Citizens Advice, you’ll find their number in the phone book.
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